Winter is officially here, but what does this mean for the real estate market in Central Ohio? Well, as it turns out, not much has changed. The number of homes for sale continues to fall, and prices continue to rise.
In fact, home prices rose 7.7% from November 2016 to November 2017! This is mostly due to the lack of inventory available. Only 2,101 new homes and condos were listed last month, a 5% decline from November 2016. As of December 20, this leaves just 3,973 homes actively for sale in Central Ohio. To put that into perspective, there are 3,196 homes currently under contract.
But despite this decline in inventory, homes are still selling and selling fast! Over 2,300 homes closed last month, which is a new record for the month of November. And average days on market was just 36, a 14% decline from 2016, and an incredible 56% decline from 2012.
Next month we’ll release the final statistics for 2017 as a whole, so stay tuned for more information!
For a detailed report on your neighborhood, contact The Alfriend Group today at (614) 395-1776 or email us at firstname.lastname@example.org.